Credit Card Question

[jeffs42885 10+ year member]

So i am going thru all my bills and such, seeing which CC's im going to pay off in what order..

Is it better to close them, or keep them open?

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[Flipx99 5,000+ posts]

Two sides:

a) The more open lines usually helps with credit score by increasing available credit to usage ratio

b) more credit cards increases odds of identity theft as it is difficult to manage them all. Plus, if someone gets everything, the get a lot more

 

[jeffs42885 10+ year member]

ive thought of that..i have a few Cc's with a zero balance, but like a 700-1000.00 limit..so what im thinking of doing is closing them and keeping the high limit ones 3000+

 

[jeffs42885 10+ year member]

i hate canceling these things, half the time you cant understand them then they try giving you everything but a good interest rate to keep the card open. ahh!

 

[skmfkr 5,000+ posts]

capital one just sent me some shit, but i threw it away, i only got a visa from BoA with a 7500k limit, thats i never use anymore and just trying to pay it off. just use it if i really need to

 

[Scroder2 10+ year member]

Close it if your not going to use it!!! I have 1 airline card I use and had two sitting in a drawer I hadnt used for a year or so. When I applied for the credit card I got a shitty rate and high % because they said I had to much floating credit on other cards open, even though they didnt carry a balance.

Dave

 

[John3000 10+ year member]

Two sides:
a) The more open lines usually helps with credit score by increasing available credit to usage ratio

b) more credit cards increases odds of identity theft as it is difficult to manage them all. Plus, if someone gets everything, the get a lot more

^^ Also affects your credit just because you have them in a good way and bad way. And identity theft can really screw up your credit even when its out of your hands.

ive thought of that..i have a few Cc's with a zero balance, but like a 700-1000.00 limit..so what im thinking of doing is closing them and keeping the high limit ones 3000+

Keep the one with a pretty decent balance, never know what emergency may come up.

 

[iceteebone 5,000+ posts]

capital one just sent me some shit, but i threw it away, i only got a visa from BoA with a 7500k limit, thats i never use anymore and just trying to pay it off. just use it if i really need to

no way you have a 7.5 million dollar limit //content.invisioncic.com/y282845/emoticons/wink.gif.608e3ea05f1a9f98611af0861652f8fb.gif i hate having more credit cards cause it just leads to more debt.

 

[bigbangtheory 5,000+ posts]

I have 5 as of now. //content.invisioncic.com/y282845/emoticons/frown.gif.a3531fa0534503350665a1e957861287.gif All open too!

 

[bigbangtheory 5,000+ posts]

Oh and basically maxed out!!!

 

[Louisiana_CRX 5,000+ posts]

Most of mine are maxed out now //content.invisioncic.com/y282845/emoticons/frown.gif.a3531fa0534503350665a1e957861287.gif

 

[bigbangtheory 5,000+ posts]

Most of mine are maxed out now //content.invisioncic.com/y282845/emoticons/frown.gif.a3531fa0534503350665a1e957861287.gif

I feel your pain, what is worst though making just minnimum payments on them. //content.invisioncic.com/y282845/emoticons/frown.gif.a3531fa0534503350665a1e957861287.gif